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22 Apr 2014
What’s the sentiment around the EUR/USD today – Commerzbank and Westpac
FXStreet (Edinburgh) - The EUR/USD is clinging to the 1.3800 handle on Tuesday ahead of the key EMU’s Consumer Confidence for the month of April due later (-9.05 exp.).
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Although we cannot rule out further strength towards 1.3967 and 1.4000, this is looking less likely and if seen – we expect to see failure ahead of two resistance lines at 1.4003 and 1.4009”.
“The Eurozone data/event risk calendar looks more enticing for EUR shorts this week. Draghi’s speech on Thu is sure to include yet another volley spotlighting the ECB’s growing discomfort with EUR strength, though to be fair jawboning caused little damage of late. The April PMIs are unlikely to offer much reprieve however for the euro either”.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Although we cannot rule out further strength towards 1.3967 and 1.4000, this is looking less likely and if seen – we expect to see failure ahead of two resistance lines at 1.4003 and 1.4009”.
“The Eurozone data/event risk calendar looks more enticing for EUR shorts this week. Draghi’s speech on Thu is sure to include yet another volley spotlighting the ECB’s growing discomfort with EUR strength, though to be fair jawboning caused little damage of late. The April PMIs are unlikely to offer much reprieve however for the euro either”.